InsureStreet takes £500,000 to replace cash rental deposits

InsureStreet has picked up angel funding for its InsurTech alternative to rental deposits.

The London-based company is taking on £512,000 from angel investors Vin Murria, Charles Burgess, Christopher Raymond McKee, Nick Martin and Catherine Hardiman.

InsureStreet aims to help young renters avoid the traditional upfront costs of rental deposits by enabling them to receive an insurance quote to cover it.

Instead of a cash payments renters make a one-off payment for their insurance policy that covers them for the contract’s length.

The platform rewards good behaviour by offering lower premiums for renewals. It also enables landlords to access renter profiles and to manage the tenancy through the platform.

InsureStreet is FCA regulated and partners with HISCOX to underwrite its policies.

The company was a part of this year’s Accenture FinTech Innovation Lab and now aims to raise £1.8m in further funding.

Copyright © 2017 FINTECH GLOBAL

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